Terry Smith Fundsmith LLP
Terry Smith is the founder and CEO of Fundsmith, a firm known for a concentrated portfolio of high-quality global companies. His approach favors simple, understandable businesses with high returns on capital and the ability to reinvest at attractive rates. Smith’s annual letters and plain-spoken commentary have made Fundsmith a frequent reference point for long-only quality investors.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
PayPal
PYPL
|
+$1.05B |
| 2 |
Philip Morris
PM
|
+$134M |
| 3 |
Keurig Dr Pepper
KDP
|
+$112M |
| 4 |
Intuit
INTU
|
+$87.3M |
| 5 |
Visa
V
|
+$57M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Idexx Laboratories
IDXX
|
+$2.22B |
| 2 |
BCR
CR Bard Inc.
BCR
|
+$14.6M |
| 3 |
Johnson & Johnson
JNJ
|
+$5.9M |
| 4 |
Stryker
SYK
|
+$5.55M |
| 5 |
Marriott International
MAR
|
+$5.52M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 36.42% |
| 2 | Consumer Staples | 25.85% |
| 3 | Technology | 17.41% |
| 4 | Financials | 14.73% |
| 5 | Industrials | 5.43% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
PayPal
PYPL
$52.7B
| $1.06B | 9.13% |
+14,461,577
| New | +$1.05B |
|
2
Microsoft
MSFT
$3.59T
| $949M | 8.13% |
11,091,160
+14,825
| +0.1% | +$1.22M |
|
|
3
Keurig Dr Pepper
KDP
$43.6B
| $849M | 7.27% |
8,742,447
+1,252,556
| +17% | +$112M |
|
4
Waters Corp
WAT
$40.4B
| $843M | 7.23% |
4,365,313
+9,557
| +0.2% | +$1.85M |
|
|
BCR
5
DELISTED
CR Bard Inc.
BCR
| $823M | 7.05% |
2,483,956
-44,313
| -2% | -$14.6M |
|
|
6
Stryker
SYK
$126B
| $796M | 6.82% |
5,138,240
-36,389
| -0.7% | -$5.55M |
|
|
7
Philip Morris
PM
$293B
| $793M | 6.8% |
7,507,597
+1,255,808
| +20% | +$134M |
|
8
PepsiCo
PEP
$196B
| $696M | 5.97% |
5,803,600
+243,278
| +4% | +$27.8M |
|
|
9
Idexx Laboratories
IDXX
$43.9B
| $689M | 5.9% |
4,404,756
-14,088,162
| -76% | -$2.22B |
|
|
10
Visa
V
$693B
| $654M | 5.6% |
5,732,658
+516,508
| +10% | +$57M |
|
11
Automatic Data Processing
ADP
$112B
| $647M | 5.55% |
5,523,192
-30,045
| -0.5% | -$3.44M |
|
12
3M
MMM
$92.3B
| $633M | 5.43% |
3,216,786
+88,141
| +3% | +$17M |
|
|
13
Johnson & Johnson
JNJ
$651B
| $605M | 5.19% |
4,331,856
-42,335
| -1% | -$5.9M |
|
14
Becton Dickinson
BDX
$52.3B
| $493M | 4.22% |
2,359,463
| – | – |
|
15
Estee Lauder
EL
$36.9B
| $489M | 4.19% |
3,844,901
| – | – |
|
|
16
Intuit
INTU
$100B
| $435M | 3.73% |
2,757,670
+572,816
| +26% | +$87.3M |
|
17
Colgate-Palmolive
CL
$72.6B
| $188M | 1.61% |
2,495,261
+17,359
| +0.7% | +$1.27M |
|
|
18
Marriott International
MAR
$92.9B
| $19M | 0.16% |
139,695
-44,995
| -24% | -$5.52M |
|
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Terry Smith's Q4 2017 Portfolio in Review
As of Q4 2017, Terry Smith held 18 positions worth $11.7B, up 13% from $10.3B the previous quarter. Its ten largest holdings account for 70% of the portfolio.
Terry Smith withdrew a net $767M in Q4 2017, reducing 6 holdings. Its largest reduction was Idexx Laboratories, cutting an estimated $2.22B.
By sector, the portfolio is most concentrated in Healthcare at 36% of assets, down from 48% a quarter earlier, followed by Consumer Staples and Technology.
Against the trend, Terry Smith opened a new position in PayPal worth $1.06B.
- Terry Smith's largest Q4 2017 buy was PayPal: 14,461,577 shares worth $1.06B.
- Terry Smith added most to Philip Morris in Q4 2017, an estimated $134M increase.
- Terry Smith's biggest Q4 2017 reduction was Idexx Laboratories, cutting an estimated $2.22B.
- Terry Smith's ten largest holdings make up 70% of its $11.7B portfolio in Q4 2017.
- Terry Smith opened 1 new position and closed 0 in Q4 2017.
- Terry Smith's portfolio value rose 13% quarter-over-quarter to $11.7B.
Based on Fundsmith LLP's 13F filing for Q4 2017, filed 13 Feb 2018.